Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Taqa and ADNOC take control of UAE’s Masdar in $2bn deal

© Supplied by TaqaAdnoc masdar taqa
Taqa and ADNOC are taking controlling stakes in the hydrogen and renewables businesses at Masdar.

Taqa and ADNOC have struck a $1.9 billion deal to acquire controlling stakes in Abu Dhabi’s clean energy firm Masdar.

The Emirati firms are taking over the company from its 100% owner Mubadala Investment Company, the sovereign investor of Abu Dhabi.

Taqa will acquire a controlling 43% interest in the Masdar renewables business, with Mubadala retaining 33% and ADNOC holding the 24% remainder.

A green hydrogen joint venture was announced last year between the three firms.

ADNOC will hold the controlling 43% in that JV, with Mubadala holding 33% and Taqa owning 24%.

As part of the deal TAQA will contribute its rights to a minimum 40% share in future Abu Dhabi renewable projects and green hydrogen projects.

Taqa is an energy and utilities-focused company, while ADNOC is the UAE’s national oil and gas company.

This deal marks a “major milestone” towards completing a deal announced late last year by UAE president, Sheikh Mohamed bin Zayed Al Nahyan, aiming to create a “clean energy powerhouse” consolidating the renewable and green hydrogen efforts of Taqa, Mubadala and ADNOC under the Masdar brand.

Demand surge for hydrogen and green power

Once complete, Taqa will have exceeded its 2030 targets of having more than 30% of its generation capacity from renewable energy.

CEO Jasim Husain Thabet said it will also “accelerate” future growth plans as “demand for renewable power and green hydrogen projects significantly increase”.

Khaled Salmeen, executive director of downstream at ADNOC said: “Signing of the binding agreements for this landmark transaction marks another important milestone in ADNOC’s ongoing journey to future proof its operations and grow its new energies business.

“We are excited to join forces with TAQA and Mubadala, consolidating our combined efforts to create a new national champion for renewable energy and green hydrogen.”

The deal is still subject to transaction requirements, including third-party and regulatory approvals expected to take “a number of months”.

Musabbeh Al Kaabi, CEO, UAE Investments of Mubadala Investment Company, commented: “This milestone is a clear testament of Mubadala’s commitment to realizing the UAE’s long-term sustainability ambitions.

“We established Masdar 16 years ago with the foresight to diversify the UAE’s energy mix and advance the global energy transition. Today’s signing with two of Abu Dhabi’s key energy players, ADNOC and TAQA, further cements Mubadala’s responsible investing strategy and is one step closer to delivering on the UAE’s sustainability aspirations.”

Recommended for you

More from Energy Voice

Latest Posts